Oil & Natural Gas Corporation Ltd informed the BSE that the Government of India supported the decision to withdraw 5% of ONGC’s paid-up equity capital from the Government shareholding.
The Company has also been instructed to take the required steps to complete the following actions as soon as possible:
- Issuance of Bonus Shares in a 1:1 ratio
- Divide one share in half, and
- To consider paying a special dividend of an adequate amount prior to the anticipated disinvestment.
The Stock Exchanges have previously been notified of the Board Meeting set for December 16, 2010, to approve payment of the Interim Dividend for the Fiscal Year 2010-11. In addition, the Company announces that the Board of Directors will consider the foregoing agenda items at their meeting on December 16, 2010.
